Sogefi says 68% profit increase in Q1 confirms turnaround plan is working

David Jolley

                                                                                         
                                              CARS WORLD 
April 30, 2017 06:01 CET

Sogefi's first-quarter adjusted operating profit (EBIT) rose 68 percent to 26.8 million euros as the Italian supplier begins to feel the benefit of its restructuring plan, the company said.

Overall global revenue rose 13 percent to 439 million euros, bolstered by a 4.2 percent increase in Europe to 274 million euros and a 2.5 percent rise in North America to 81 million euros.

Sogefi, which makes engine systems and suspension components, said it expects growth to continue for the rest of the year, but added that this would be at a slower pace than the previous quarter.

The results confirm the effect of the turnaround actions aimed at increasing profitability and cash generation, CEO Laurent Hebenstreit said in a statement on Wednesday.

You can reach David Jolley at djolley@crain.com.